Wednesday Log – Chop it in Half

Trader Tip – When sizing up the market, use different timeframes. Determine which one is “working” when identifying support and resistance. Once a timeframe is found, continue to sift through other timeframes during the day. The one in play might change.

I was able to identify a trading range prior to the open thanks to working with the EWS. With the Beige Book planned to be released at 1400, I figured my best shot would be during the first hour. Most indicators were pointing to a downward bias so I waited for resistance level in 74’s to hit. Entered 73.75, just below PP with stop @ 75.75. Planned to scale out 50% at 72.5 and flat at 71.25. Result: +4.0

And that was it for the day. I avoided “The Book” @ 1400, had a couple of trade set-ups I felt good about in the PM session but did not pull the trigger on. “Listening” and acting on my intuition is an area of development. I just bought the book ‘Blink’ to help me “see the light” and help me act on my intuition.

The day was “chopped” into tradable pieces as identified by EWS. There are some very good traders in the chat that are sharing their trading knowledge and methodologies to help us learn. The “pieces” are there for the taking and soon I should be participating more often.


Trade Well !